MARKETING MANAGEMENT
marketing management as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value”. Marketing management is what informs a firm’s marketing plan through the utilisation of accurate market knowledge. This is usually obtained by means of research and surveys in a systematic approach. Being thoroughly aware of a company’s current market, setting realistic goals and targets, developing new market-penetration strategies as well as implementing effective marketing plans within budget are all part of marketing management. In a nutshell, marketing management is a business function which that makes and develops an institution’s marketing strategy. Marketing management uses tools from economics as well as competitive strategy in order to analyse the industry context in which the company operates. These are, among others, Porter’s Five Forces, the analysis of strategic groups of competitors as